Circle Internet Group (NYSE:CRCL) Shares Down 8% After Analyst Downgrade

Shares of Circle Internet Group, Inc. (NYSE:CRCL) were down 8% during mid-day trading on Monday after Mizuho lowered their price target on the stock from $84.00 to $70.00. Mizuho currently has an underperform rating on the stock. Circle Internet Group traded as low as $75.88 and last traded at $75.3040. Approximately 15,688,410 shares changed hands during mid-day trading, a decline of 16% from the average daily volume of 18,776,131 shares. The stock had previously closed at $81.89.

Several other research analysts have also recently issued reports on the company. William Blair reaffirmed an “outperform” rating on shares of Circle Internet Group in a research report on Wednesday, November 12th. Rothschild Redb raised shares of Circle Internet Group to a “hold” rating in a report on Friday, October 3rd. Deutsche Bank Aktiengesellschaft cut their price objective on Circle Internet Group from $147.00 to $90.00 and set a “hold” rating for the company in a research report on Thursday. Rothschild & Co Redburn assumed coverage on Circle Internet Group in a research note on Friday, October 3rd. They set a “neutral” rating and a $136.00 price target on the stock. Finally, JPMorgan Chase & Co. raised shares of Circle Internet Group from an “underweight” rating to an “overweight” rating and increased their price objective for the company from $94.00 to $100.00 in a research note on Thursday. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $150.53.

Insider Buying and Selling at Circle Internet Group

In related news, CFO Jeremy Fox-Geen sold 33,608 shares of the company’s stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $121.45, for a total value of $4,081,691.60. Following the completion of the transaction, the chief financial officer directly owned 297,823 shares in the company, valued at approximately $36,170,603.35. This represents a 10.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Hedge Funds Weigh In On Circle Internet Group

A number of large investors have recently bought and sold shares of the stock. Larson Financial Group LLC grew its position in Circle Internet Group by 3,800.0% during the third quarter. Larson Financial Group LLC now owns 195 shares of the company’s stock valued at $26,000 after acquiring an additional 190 shares during the period. Pilgrim Partners Asia Pte Ltd purchased a new stake in shares of Circle Internet Group during the third quarter valued at approximately $27,000. EverSource Wealth Advisors LLC purchased a new stake in Circle Internet Group during the 2nd quarter worth $27,000. Highline Wealth Partners LLC purchased a new stake in shares of Circle Internet Group during the third quarter worth about $32,000. Finally, Montag A & Associates Inc. acquired a new stake in shares of Circle Internet Group during the third quarter worth approximately $33,000.

Circle Internet Group Stock Down 7.5%

The company has a 50-day moving average of $126.80.

Circle Internet Group (NYSE:CRCL) last announced its quarterly earnings data on Wednesday, November 12th. The company reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.44. The business had revenue of $739.76 million for the quarter. The firm’s quarterly revenue was up 65.9% on a year-over-year basis.

About Circle Internet Group

Founded in 2013, Circle’s mission is to raise global economic prosperity through the frictionless exchange of value. We intend to connect the world more deeply by building a new global economic system on the foundation of the internet, and to facilitate the creation of a world where everyone, everywhere can share value as easily as we can today share information, content, and communications.